Pricing your lake house correctly is so important. Setting that “just right” list price from the start can mean the difference between a fast, painless sale, and weeks or months of frustration.
Our strategy always starts with a CMA, taking into account recent comparative sales and then adjusting price with our proprietary lakefront analysis, which adjusts for unique water access, lake frontage and specific location. If you own on the lake, you know all waterfront is not created equal!
After we have determined the market value for your home, it’s time to price it right.
We work with clients to hone in on the “just right” price, keeping in mind the real estate pricing pyramid so we can offer maximum visibility for the listing.
This pricing strategy considers the relationship between your home’s asking price and the percentage of buyers who will likely look at your home. In general, the higher you price your home above market value, the smaller your potential buyer pool gets.
?? If you price 15% ABOVE MARKET VALUE, you will have only 10% of the potential buyers look at the home
?? If you price AT MARKET VALUE, you will have 60% of the potential buyers look at your home.
?? If you price 10% BELOW MARKET VALUE, then you will have 75% of potential buyers look at your home.
Many clients are reluctant to price their home lower than market value, but keep in mind that your home won’t necessarily sell for the list price. In fact, if this strategy is successful, you’ll generate multiple offers and a potential bidding war!
If you’re interested in selling, you’ll want to understand the current market conditions and work with an agent who knows the ins and outs of owning and selling on the lake. As home owners on Lake LBJ, we’re uniquely positioned to set that “just right” price for your lake house and help you through the selling process. Reach out today to get started.